Marshall & Ilsley Corp. (MI: 7.05 -0.14%) extended its foreclosure moratorium for another 90 days through March 31, 2010, according to a company statement.
Based in Milwaukee, Wisc., M&I is a financial services company with $58.5bn in assets and is Wisconsin’s largest bank.
As part of M&I’s Homeowner’s Assistance Program, the initial moratorium began Dec. 18, 2008 and covers all owner-occupied residential loans for customers who agree to workout a new repayment plan. M&I extended its moratorium twice before, once at the end of June 2009 and again in September.
The program also features assistance for potentially distressed borrowers. M&I identifies them in advance to workout a new payment agreement. The program includes a foreclosure abatement initiative that includes refinancing options such as term extensions and reduced rates. The rates can be used to reduce monthly payments when necessary.
On its financing front, M&I continues to extend lines of credit. Since the US Treasury Department provided capital to the bank from November 2008 through October 31, 2009, M&I has provided $5.5bn in new credit, according to the statement. This includes renewals of existing credit where a new promissory note was executed.
Write to Jon Prior.
The author holds no relevant investments.
- Obama Signs First-Time Homebuyer Tax Credit Extension 27 comment(s)
- Housing Recovery is Spelled R-E-O 20 comment(s)
- Shadow Inventory To Peak in Summer of 2010: Barclays 16 comment(s)
- Shadow Inventory of Homes to Take Nearly 3 Years to Clear: S&P 14 comment(s)
- For Consumers, Time to Shop (Until the Mortgage Drops) 13 comment(s)
- Peak House Prices Will Return to Sand States after 2025: Fiserv 12 comment(s)
- Bill Urges HVCC Moratorium 11 comment(s)
- HUD Allows 125% LTV in Home Affordable Refis 11 comment(s)
- Home Prices Will Not go up Anytime Soon, Say Analysts 11 comment(s)
- Malls, the Future of Housing? 10 comment(s)
